ADB provides nonsovereign loan for railways electrification
ADB signed an agreement on 16 May 2019 in New Delhi to lend $750 million to Indian Railways Finance Corporation for the Railways Track Electrification Project, the largest single nonsovereign loan committed by ADB to date. ADB also signed participation agreements with 11 insurance companies, transferring a large part of the risk exposure. Indian Railways, an entity owned by Government of India, will use the loan proceeds to install electric traction equipment along 3,378 route-kilometers of existing railway lines, which will enable the migration of passenger and freight traffic from diesel to electric traction. The electrification assets will be leased to Indian Railways under a long-term lease agreement.
Roundtable on fighting crime and closing market gaps
US Department of the Treasury Under Secretary for Terrorism and Financial Intelligence, Ms. Sigal Mandelker, spoke at a meeting convened by ADB's Trade Finance Program and Office of Anticorruption and Integrity on 28-29 March 2019 in Singapore. The roundtable aimed to solve five issues impeding the fight against financial crime and closing trade finance gaps associated with anti-money laundering and counter terrorist financing efforts. Regulators, global banks, and international organizations participated.
ADB receives Asia-Pacific DFI of the Year award
ADB was awarded the Asia-Pacific DFI of the Year for 2018 by the IJ Global. Michael Barrow, Director General, and Christopher Thieme, Deputy Director General of ADB's Private Sector Operations Department received the award on ADB's behalf on 28 March 2019 in Singapore. Three ADB-financed projects were also recognized: The Rantau Dedap Geothermal Power Project as the Geothermal Deal of the Year; The Jawa-1 LNG-to-Power Project as the Power (Gas) Deal of the Year; and the Chana Green Southern Thailand Waste-to-Energy Project as the Biomass Deal of the Year. The IJ Global is a leading project finance and infrastructure publication
First PSOD-EARD project signed in Mongolia
Private Sector Operations Department (PSOD) Director General Michael Barrow on 20 March 2019 in Ulaanbaatar signed a loan agreement with JICA, Sermsang Power, and Tenuun Gerel Construction in support of a 15-megawatt solar power plant with climate-resilient technologies provided by Sharp. This first joint PSOD-East Asia Department (EARD) project exemplifies regional cooperation and mobilizes the Leading Asia's Private Sector Infrastructure Fund and the Canadian Climate Fund for the Private Sector. See news release
ADB signs $50 million agreement to support solar development in India
ADB signed an agreement on 19 March 2019 in Delhi to invest $50 million in Avaada Energy Private Limited to help the company scale up photovoltaic solar energy generation capacity in India. The investment will come from OCR and the Leading Asia's Private Sector Infastructure Fund. The project supports the government's strategy to increase share of renewable energy generation capacity from the current 20% to 40% by 2030. See news release
ADB awarded best development bank in trade
The Global Trade Review has awarded ADB as the best development bank in trade for the 2019 Leaders in Trade awards, which highlight excellence in the trade, commodity, supply chain, export finance, and fintech markets. ADB’s Trade Finance Program grew almost 40% in 2018, conducting 4,500 transactions valued at $6.2 billion, $3.7 billion of which was cofinanced. Of the program’s 21 countries of operations, its four most active are Bangladesh, Pakistan, Sri Lanka and Viet Nam. The program mostly supports SMEs and has delivered a number of knowledge products.
ADB participates in power project financial closing ceremony in Indonesia
ADB Private Sector Operations Department Director General Michael Barrow on 17 January 2019 in Jakarta attended the Jawa-1 liquefied natural gas-to-power project financial closing event. The 1,760-megawatt combined cycle, gas-fired power plant will be the biggest of its kind in Southeast Asia. Officials from the Indonesian government, representatives from the sponsors, and co-lenders including Japan Bank for International Cooperation and Nippon Export and Investment Insurance (NEXI) also attended the event.
ADB microfinance risk participation and guarantee program expands to Sri Lanka
ADB signed its first partnership agreement in Sri Lanka with Hatton National Bank on 25 September in Colombo under the Private Sector Operations Department's Microfinance Risk Participation and Guarantee Program. This will provide up to $20 million in local currency lending to the microfinance sector backed by a partial guarantee from ADB. The program has facilitated more than $845 million loans in the region to over 4.47 million, mostly women, borrowers.
ADB holds first safeguards policy workshop for trade finance partner banks
The Trade Finance Program conducted a workshop on ADB's environmental and social safeguards for more than 80 delegates from banks in 39 developing member on 4-5 September in Singapore. Refresher sessions on customer due diligence were also conducted. ADB Private Sector Transaction Support Division's Noel Peters and Ian Bryson, and Office of Anticorruption and Integrity Due Diligence Unit Head Joel Syquia were among the presenters.
ADB inaugurates first Pacific independent solar power project
A team from ADB's Private Sector Operations Department led by Infrastructure Finance Division 2 Director Jackie Surtani inaugurated a solar farm by Samoan independent power producer, Sun Pacific Energy Limited, on 22 August 2018 in Apia. The company is the first independent power producer recipient of a non-recourse private sector loan. The ADB financing, together with the Canadian Climate Fund for the Private Sector in Asia, helped expand a 2.2-megawatt solar farm to a capacity of 5 megawatts. The team also visited Fiji.